Oil prices, gasoline and heating oil futures regained some lost ground on Tuesday after a report showed European stockpiles dropped last month, signalling to analysts that the market may be healthier than many believed.
According to data from Euroilstock, European refineries increased their crude oil intake in June, but stocks of oil products, particularly diesel, fell.
“That tells you demand globally is a lot stronger than people thought it was going to be and that is having a net positive effect on heating and gasoline prices,” Scott Shelton, energy specialist at energy brokerage ICAP told Reuters.
